Fintech
Robert Stebbins to Conclude Tenure as SEC General Counsel
Washington, D.C.–(Newsfile Corp. – December 8, 2020) – The Securities and Exchange Commission today announced that Robert B. Stebbins will conclude his tenure as General Counsel in early January, after serving over three and a half years as the agency’s chief legal officer.
During his tenure, Mr. Stebbins led the Office of the General Counsel (OGC), which includes over 150 professionals and is responsible for supporting a wide range of key functions across the agency. The office advises on all rulemaking, guidance and other Commission and staff policy matters; advises on all Commission enforcement actions; litigates non-enforcement matters and appeals on behalf of the agency; advises on matters related to the Commission’s budget, real estate leasing, intellectual property disputes, personnel and EEO proceedings, and labor relations and collective bargaining; and prepares Commission opinions in adjudications heard by the Commission. OGC also provides legal analysis and advice to the Commission, to the individual Commissioners and to the Commission’s five divisions and 24 offices as to the federal securities laws, administrative laws and other laws that affect independent agencies and as to judicial, legislative and other developments affecting the Commission’s mission and operations.
“Bob’s leadership has been invaluable to the Commission’s success during the past several years on all issues important to our Main Street investors and our markets,” said SEC Chairman Jay Clayton. “From our historically high number of rulemakings, to hundreds of cases before our federal courts, to our thousands of enforcement actions, under Bob’s direction, OGC has consistently provided well-grounded, thoughtful and pragmatic advice and counsel to the Commission. Additionally, Bob’s insight, wisdom and legal acumen have helped the Commission navigate a range of novel and complex issues—from implementing legislative directives and judicial orders, to operational challenges, to responding to the market effects of COVID-19. Bob did all this while promoting an inclusive, positive and opportunity-oriented atmosphere throughout OGC and the rest of the Commission.”
“From all that I had known about the SEC before I started this role, I thought it would be challenging, fulfilling and interesting work. The reality has far exceeded my expectations,” said Mr. Stebbins. “Leading the women and men of the Office of the General Counsel, working with the Chairman and other members of SEC leadership on a daily basis, and interacting with such talented staff across the agency have made this the job of a lifetime.”
Mr. Stebbins’ departure comes after a particularly busy and productive period at the agency. Mr. Stebbins led OGC during one of the most active and wide-ranging rule calendars in the agency’s history, advising on more than 85 rules, as well as advising on hundreds of Commission and staff orders and other interpretive releases.
In addition, since May 2017, OGC has litigated over 120 matters in the federal appellate courts (including, in conjunction with the Office of the Solicitor General, four matters in the U.S. Supreme Court), with the Commission being victorious in more than 93% of these cases.
OGC has also worked closely with the SEC’s Enforcement Division, providing day-to-day guidance on enforcement recommendations and litigation matters, resulting in the Commission bringing over 2,750 enforcement actions and obtaining over $14 billion in disgorgement and penalties since May 2017.
Further, during Mr. Stebbins’ tenure, the Commission has issued over 50 opinions (each prepared by OGC) in adjudications heard by the Commission and on appeal from administrative law judges, securities exchanges, FINRA, and the Public Company Accounting Oversight Board, with each opinion approved unanimously by the Commissioners.
During the spring of 2020, Mr. Stebbins was detailed to the Department of the Treasury to advise on the CARES Act implementation relating to air carriers, ticket agents and national security businesses, while at the same time continuing to function as the Commission’s General Counsel. In August 2020, Mr. Stebbins received the Secretary of the Treasury’s Honor Award for this service.
Importantly, Mr. Stebbins fostered a collegial and supportive atmosphere in OGC. In the 2018 Federal Employee Viewpoint Survey, OGC ranked as the fifth best place to work out of 415 Federal government offices.
Prior to joining the Commission, Mr. Stebbins practiced law at Willkie Farr & Gallagher LLP beginning in 1993, first as an associate and beginning in 2001 as a partner. At Willkie, Mr. Stebbins focused on mergers and acquisitions, private equity and venture capital, investment funds, and capital markets transactions. He also advised clients on SEC compliance issues and corporate governance matters.
Mr. Stebbins earned a J.D. from the University of Pennsylvania and a B.S. from Central Michigan University, where he was an Academic All-American football player. He is a member of the Bar of the Supreme Court of the United States, the American Bar Association, and the New York City Bar Association.
Michael Conley, currently the SEC’s Solicitor, will serve as Acting General Counsel upon Mr. Stebbins’ departure.
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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